Note 5 - Accounts Receivable, Net, Contract Asset and Contract Liability

6 Months Ended

Oct. 31, 2021

Notes to Financial Statements

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Text Block]

5. Accounts receivable, net, contract asset and contract liability:

Accounts Receivables, net, contract asset and contract liability were as follows (in thousands):

	October 31,		April 30,
	2021		2021
Accounts Receivable, net	$	3,566	$	1,961
Contract Asset		1,101		421
Contract Liability		1,245		5,798

Accounts receivable, net consist of  $3,566 and $1,961 from customers as of  October 31, 2021 and April 30, 2021, respectively. At October 31, 2021 and April 30, 2021, the allowance for doubtful accounts was $143 and $143, respectively.

Contract assets are net of progress payments and performance based payments from our customers as well as advance payments from customers totaling $1,101 and $421 as of October 31, 2021 and April 30, 2021. Contract assets increased $680 during the six months ended October 31, 2021, primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the six months ended October 31, 2021 for which we have not yet billed our customers. There were no significant impairment losses related to our contract assets during the six months ended October 31, 2021. We expect to bill our customers for the majority of the October 31, 2021 contract assets during fiscal year end 2022.

Contract liabilities decreased $4,553 during the six months ended October 31, 2021, primarily due to revenue recognized on these performance obligations in excess of payments received.